Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
It's a New Year. A time for reflection. A time to lick our wounds. This POS is over. Tigers do not change their stripes. These guys are married to non-disclosure, internal manipulation and are probably moving numbers like so much furniture to figure out how stay in business, or give the appearance they are in business. It's over. And if it isn't over, it will not be brought back to life for a long long time.
I think its time to stop bitching, get out and move on to other horizons. Got screwed like everyone else here, but can't waste any more valuable time on it. Best to all of you.
These guys should share a cell with Bernie Madoff.
.15 on 333 shares???? What kind of sick joke is this?
Give me a break. How about full disclosure to the stockholders?
LAWSUIT CLAIM #228819-12 SECR.09 - CLASS STATUS DMTNN
Again, what is this? Where did it come from?
What is this lawsuit claim...for what, by whom and where filed?
Why put such a thing up without any explanation?
No Matter. This company is still a dead cat bouncing.
Merrill, Lehman...the world is going to hell in a hand basket.
This company is a dead cat bouncing. Anyone know when an updated financial report to shareholders is scheduled? Thanks.
Never get a response from emails to the company. I've sent several. Pretty discouraging and extremely poor corporate conduct. But then again, after everything else revealed on this board, good corporate governace and conduct is kind of an oximoron with this organization.
I don't know at what point accountability to shareholders kicks in, but I do know its far past due. What I don't understand is how this company is not obligated by rules at best and the law at the very least, to disclose relavent information to shareholders. I have no problem rewarding high level performance in the executive ranks, but I would like to see a record of that performance. The conduct of this company has always been suspect. Recent disclosures on this thread has blown away any thread of disclosure/honesty from these clowns.
Disgraceful. I would be OK losing money on a gamble here if I at least felt there was some level of stewardship or demand for disclosure by proper authorities.
Can't see the Dino's being so wealthy that they are willing to run this horse into the turf. I've got to believe they have the most to gain and the most to lose. What really pisses me off, aside from the lack of shareholder communications, the apparent lack of due diligence on LesKo and the lack of timely financial disclosures is the fact that there is no evidence of a growth strategy. Take the Lesko circus out of the picture and there is still a company to run. Are they selling anything? Have they expanded their marketplace into non-auto categories? Have they leveraged their technology? Are they employing any kind of marketing plan? Are they even competitive? I'm totally baffled. The Lesko thing is dead, if it was even ever alive in the first place. So what's left? Only to build the company.
Dino Jr. never made such a move without the knowledge of Dino Sr. as well as their board. This is disgraceful. There is an accountability issue here. Shareholders have the right, and principles have the obligation, to have full disclosure of anything that smacks of conflict and/or collusion. This is a PR nightmare at best. Are these guys running a business or a club?
Kilgore, I share your view on this. Jr. seems to have swallowed the pinkie cool aide. While I held my tongue regarding investigation from official agencies, NOW I must agree that its time for the SEC and/or the attorney general to take a peek under the covers.
You have nailed it perfectly. Who is LesKo? What do they do? What have they done? Why are they in the game? Who do they represent? It's as if DMTN was approached by a ghost.
As I noted previously, I think these guys got wrapped up with the "prospect" of a deal. They are a small unsophisticated team not experienced with acquistion discussions. They went public with the "discussion" too early, never released any information regarding their due diligence process to confirm LesKo's legitimacy as a buyer, never defined how Lesko positioned DMTN's assets within its portfolio of business (if a portfolio even exists), never published anything regarding Lesko's track record, an overview of LesKo's management team, who Lesko represents or why Lesko even approached DMTN. Their lawyers should have known better than to have let management publically advance such "speculation" without offering a greater degree of substantiation. You see this a lot with small companies who in the heat of the moment see an opportunity to create greater public awareness for their company because someone showed an interest in them. This was definitely handled like rookies were in charged.
I don't beleive this was a scam. DMTN management has the most to gain and the most to potentially lose. I don't beleive the Dino's were necessarily acting in bad faith, but do believe this entire episode was simply handled with poor judgement. At the end of the day, without a concrete written offer from a legitmate suitor, its just conversation.
Bravo! Nice retort.
Everyone here knows I have been a supporter of the basic business of DMTN, knowing I don't know what I don't know with regard to LesKo, and if and how this offer was ever a legitimate one. I am also a supporter of full disclosure and the ethical treatment of shareholders. As Kilgore pointed out, there are rules regarding pink sheet stocks that were built to provide investors with legitimate information even if somewhat limited. And, there is apparently a lot of flexibility with regard to the timing of the release of such information for the pinkies. In this case, I must agree the Dino's have handled the distribution of facts and figures in the most disgraceful, unrespectful and unprofessional manner possible. I see absolutely no reason to withold such information regarding directors, major stock holders and stock distributions defined as future receivables at this point in time. 42 shareholders my ass. There is a point where accountability should mean something. They have crossed the line.
Kil,
Thanks for the overview. Are the disclosure requirements monitored by an official agency? And, is DMTN required to identify the private placement owner, or agent, in their normal 10K reports?
On September 6, 2007, the Company issued 72,000,000 common shares in exchange for notes
receivable in the aggregate amount of $720,000 the nature of offering: Private Placement
Offering pursuant to Rule 504 of Regulation D promulgated under the Securities Act of 1933. The
jurisdiction where the offering was registered or qualified: New York. No payments have been
received to date. The note is non-interest bearing.
Who was this issued to in New York (private placement for who)?
What was the reason for the transaction(strategic/tactical/financial)?
What is the time line on the receivable (it cannot possibly be an open ended transaction with no end date)? And, why would it be non-interest bearing if the end date(s) are not met?
Is it legal to withold such information to shareholders?
Like I said in an earlier post. I think the Dino's got wrapped up in the original discussions and prospect of an offer. It went to their heads. Inexperience in such matters showed in the press releases and overly optomitistic timeline of a sale. Their law firm and bankers should have known better and advised them to move information in a more cautionary and conservative fashion. Maybe they actually did and were ignored. Like Billy Jean King once said "A deal is not a deal until it's a deal". As principals, the Dino's have the most to win and most to potentially lose in a lost acquisition. They have restricted sale stock so they have no benefit in a dead deal. In fact they are obligated to grow the business to a greater level without the deal. Yes, this was/is a mess. Small companies conduct themselves more times than not like small minded companies. This is what happened with the press releases. Do I think they purposefully acted in bad faith? No. Do I think they handled this entire episode badly, unprofessionally and too aggressively? Yes. Live and learn!
Guys, who cares anymore. Forget Lesko. Disney World!!! LaLa Land!!! Anyone who thinks this alive is on drugs (or should be).
Our funds are now tied up in sales, market expansion and new market creation. It's gonna be years for this investment to pan out, which is OK with me as long as the company has an ability to grow.
Everyone here is still holding shares. We have spent months speculating, bitching, hoping, hating and bashing. This deal is dead. If its not, it should be. I think we need to start exploring what next. We need to discuss the company, sales, new products, market expansion and how to move forward. Dinos or no Dinos, its still a business with products, customers, marketplaces and shareholders...us. If not LesKo than who next?
The company is not going to fold its tent and move away. It's not going to disappear. We still, for better or worse, have a stake in its eventual success and future. Like it or not, we're all stuck, so let's discuss how to move forward.
I know everyone is furious and feel they have been taken to the cleaners, but we all know we invested in a small pink sheet company. It was a risk-reward investment...more of a gamble if truth be told. In business, you win some and loose some. DMTN was a flyer, its not your life.
I don't beleive this is the same LesKo.
The buyer has no obligation to answer anything if it doesn't want to. Forget the demands. The is a pinkie. Once in a while it works out, usually it doesn't. Risk/Reward. It's a small company and the owners got caught up in the offer, the money, the ego of it all. Happens all the time. In their enthusiasm, they jumped the gun on how to present it to the shareholders. Their obvious inexperience with this showed, although their CFO, corporate attorney and bank should have known better and advised them of such. It went South. They lose, we lose. It sucks, but is what it is.
And don't expect one. My guess is that the buyer, if there is one, has reconsidered. We're in a recession, auto industry is in the tank and sinking lower, volume orders will see a downturn if not already. The potential of DMTN has been diminished. The deal was small to begin with and should never have taken so long to close. The Russians stepped up and then stepped down. Probably sitting on the paperwork with no immediate timetable to move so no need to communicate with DMTN management. They have nothing to lose by sitting tight. No press release because they have nothing to say to stockholders other than "we are in a holding pattern". I fear the potential for this deal is dead. Time to move on.
I can't explain the valuation without understanding how the buyer would fit DMTN into its portfolio. Many companies who want to enter a particular business sector overpay to acquire an existing company because the cost of entry to build a business themselves is too great. Also, many companies overpay to acquire companies in better tax advantaged countries than where they are headquartered to bury cash. It is not for us to determine why the valuation is what it is, but rather the buyer for its own reasons. If for instance the primary industry served by DMTN is the auto industry, and the buyer sees a a value of re-purposing the technology to medical equipment that may have a larger market/larger margins going forward, they would overpay current cash flow. There are a zillion methodologies for valuation. All depends whose crystal ball you are looking.
A deal is not a deal until it's a deal (Billy Jean King)
Actually,there was an offer. The quality of the offer cannot be debated in this forum because we neve had the facts in full. No offer comes without conditions. Maybe DMTN didn't meet them or the offer was on the come, which begs the question of how valid it was. We have never been informed of the bona bides of the buyer, LesKo. Until such time that we know this is a legitimate company, it's just conversation, not fact.
Exactly.
Going in Circles!
They had an offer. The reviewed the offer and thought it was a good one. They wrote up the papers and sent them along to the interested party in Russia. This is where they sit. Maybe LesKo and/or the client it is representing got second thoughts about the deal. Maybe they need to see DMTN true up their numbers over a 6 month period to be accountable for their cash flow projections. Maybe they lost their money sourcing. Maybe they found a different company to buy. Maybe the main decision maker got shot in the head. WE DON'T KNOW THE FACTS FOLKS. I doubt that the Dinos know the facts for sure. It is a waiting game. Something is not right because a deal this small should not take this long. The Dinos have more to gain than any of us and am sure they too would like some positive forward motion. Something went wrong in the interim. We'll hear when we hear. Nothing said on this board is going to change that fact.
Hope it works out for everyone.
Burp, the only thing good about this company and this board is your pictures!
I would suggest this deal is dead duck status. It's time to re-group. Dinos should at least declare its time to move on, provide a strategy for 2009 and look for another buyer in a year or so.
Explain please.
To Powershot:
Why has DMTN not released a detailed overview of LesKo and identified the Lesko client being represented?
What is Lesko's core business and how does Lesko see DMTN fitting into its holdings?
Can't sell unless there is someone to buy. If there is a lot of selling, it means there is also a lot of buying.
I don't know why anyone would trade this issue at this point of time without any further information. I think the speculation dialogue has run its course.
Does it really matter at this point? I'm not looking for candor here, just some salient facts and timetables. Is it on or is it dead. If its dead, say so and let's move on. If its alive...who, what, when, where & why.
Sales projections and aggressive accounting practices for a company this size doesn't overly concern me. Forward looking statements are, by and large, bullshit from almost every company. The 72 million share transfer does however because of the percentage of outstanding stock it represents and booking of proceeds as a receivable. If they actually got something for it, in hard goods or services, or had a fixed, closed end agreement to receive such, I can understand it being booked as a pre-paid expense and therefore a receivable, but, I don't see a barter type arrangement here that would allow such a booking.
There is nothing new with DMTN. I have been an optomistic supporter of DMTN's business and growth strategy for a long time now. I did not invest in the company because I thought it would be a take over target, but for its long term growth potential. I still believe in robotic technology and multi-platform employment of these services for automotive and medical sectors.
While still living with these fundamentals, I am now beginning to feel discomfort with management's handling of the Lesko situation. DMTN is not a large company and its potential acquisition by LesKo, or any other potential suiter for that matter, is not a large deal. If it was going to happen, I think it would have happened by now. The fact that absolutely no subsequent reports have been issued since Nov 17th is poor conduct and poor judgement from a public company, pink sheet status not withstanding. I do suspect intentions were probably genuine in the begining and that LesKo probably no longer has the buyer client and/or the correct financing to move forward. It's time to come clean, good or bad, and determine how to move forward. Dino, you do have an obligation to the shareholders, like it or not, and should man up with timetable to sell or cut bait. Losing a buyer is not the worst thing in the world. It happens all the time. It's how management moves forward that counts. You don't have to be right, but, you do have to be committed.
Again, you are barking up the wrong tree. Most of the posts here are not about DMTN's internal operations, but rather about the "prospect" of it's deal with LesKo. Stop directing your vitriol on DMTN management when we and they do not have any control of LesKo's timing. This is not a large company or large deal. The fact that it is taking so long is not, my guess, DMTN's fault. DMTN would seem a logical take over target based on its niche business service for a large industry (autos) and applications for other sectors (medical devises and other robotic centered manufacturing). If I had to place a bet on why the delay, it would be that LesKo does not have the financing yet to move forward, and/or, the company it represents has not put its financing together or its own business logistic has changed affecting its valuation of DMTN's services. All out of the control of DMTN management. They are not talking to shareholders because they don't have anything to say.
What exactly are you talking about. Issuing new shares will not create any critical mass of cash. Who says they are underwater...you?
Cash flow is always affected by expansion. They are expanding to grow their business, expand their markets and advance new market creation. This is what good companies do, especially small segment players that have identified marketplace niches. They have orders, they have customers, they have sales. Just because they haven't "done the deal" to your satification yet don't act like Mr. Wharton Business School and continue to bash a balance sheet that I doubt you even know how to read.
These guys didn't build a business to watch it go down the toilet. Their future value and that of the shareholders are tied together. They can't do better unless the shareholders can do better at the same time.